According to the company, profit after tax (PAT) also rose by 18 per cent from N2.8 billion to N3.5 billion while earnings per share (EPS) increased from 35.86 kobo to 42.26 kobo.
The Managing Director of the company,
He said: "despite the challenge of input cost pressures caused by increase in wheat prices,
"The sheer challenge of operating in the Nigerian business environment was evident in the rising profile of Honeywell Flour Mill's operating expenses as it incurred costs to deepen its trade, marketing and sales activities to further develop hitherto under-served sectors of the Nigerian market. Growing the top line is our number one priority even as large industry capacity remains a constant threat.
"We are committed to the development of higher margin products and from our results, you can see that investments in brand equity are beginning to yield fruits as sales of our value added products like semolina, wheat meal and noodles contributed more to our portfolio mix than in the past. This is a trend that we plan to sustain and even grow as we embark on a new phase in our corporate existence", Jaiyeola added.
The company, according the report is currently at advanced stages in the development of a new pasta plant and an
Meanwhile, the company's fiscal year ended with a transition in the leadership of the company as the pioneer Chief Executive Officer,
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